It’s called a “Blended Family.”  You’re in one and may or may not even be familiar with the term!  It’s when a man or woman gets married and the respective spouses bring children into the union.  Go back 20, 30 or 40 years and this arrangement wasn’t quite as common.  Today statistics show over 50% of all families living in the United States are members of a Blended Family.

As you well know, there are challenges and adjustments that need to be made in a Blended Family.  Hopefully, you’ve gotten through most.  However, there may be one very important area you have possibly overlooked.  It’s a key aspect of your blended family life that will come back to bite you, if ignored.  And if you’re between the ages of 70-75 (or getting close to your 70th birthday) then you don’t want to let too many more days pass without doing something about it.

What am I referring to?  It’s your present financial situation, and what you’re doing (or not doing) to protect what you’ve taken a lifetime to accumulate.  As an elder law and asset protection attorney, I’ve seen first-hand the agony and suffering that occurs when people haven’t properly planned for life’s golden years.  Plus when you add in your spouse, children and step-children there’s several questions that must be answered.

Among them: do you have a power-of-attorney document, and has it been updated recently to reflect the changes in your Blended Family life?  Who within your Blended Family do you want to leave your assets, in case you pass on before your spouse?   Another significant question is, do you presently have an estate and asset protection plan that keeps you from digging into your finances to pay for nursing or assisted living facility care if needed?    Do you know that it costs as much as $10,000 a month for nursing home care in Ohio?    Things such as Medicaid may not cover all or even part of this expense.  Than what?  The time to answer this last question isn’t when you or your spouse is lying in a nursing home bed and the bills are piling up, placing things like your home and bank account(s) in jeopardy.  I’ve seen this scenario happen far too many times.  Blended Family spouses are especially at risk, if they haven’t taken the time to update their particular situations.

Contact us at The Stano Law Firm to attend one of my bi-weekly free seminars at the Stano Senior Resource Center, 6650 Pearl Road in Parma Heights.  You’ll discover more about your options, and what are your best resources to grow and preserve assets to pay for long-term care. Plus make sure to financially remember your Blended Family loved ones.  Register at StanoSeminars.com (seating is limited) or call 440-888-6448 to reserve your spot.